IEG Vantage (formerly Informa Economics) has slashed its 2019 corn acreage estimate 5.8 million acres from mid-May to 84.9 million acres, which is 7.9 million acres under USDA’s March projection, according to reports from Reuters. The firm also lowered its corn yield projection by 3 bu. to 174 bu. per acre in a nod toward late-planting and soggy weather. This translated to a 13.555-billion-bu. corn crop estimate, 865 million bu. (6.0%) under the 2018 crop.
The firm also lowered its soybean acreage estimate by 1.4 million to 85.0 million acres, which would be a 420,000-acre increase from USDA’s March projection, Reuters reports. For now, it is sticking with its yield estimate of 51.1 bu. per acre, which translates to a 4.313-billion-bu. crop, 231 million bu. under year-ago levels.
IEG Vantage reportedly trimmed its other spring wheat acreage projection by 200,000 to 12.2 million acres, which translates to a 567 million bu. crop. That would represent a 56-million-bu. decline from the 2018 growing season.
The firm is reportedly calling for a 1.287 billion bu. winter wheat crop, which would top USDA’s May 1 forecast by 19 million bu. and year-ago by 103 million bushels. USDA will update its winter wheat crop peg on June 11.
It also shaved 250,000 acres off its upland cotton plantings projection that now stands at 13.6 million acres. Its all-cotton acreage estimate stands at 13.865 million for a 22.611 million 480-lb. bale crop. That would be a dramatic, 23.1% surge from the 2018 season.
Prevent plant acres will likely total 11.9 million acres, IEG Vantage reportedly projects, which is a dramatic increase from its forecast for prevent plant to total 4.3 million acres a few weeks ago.